Most Popular
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S. Korea, Singapore seal supply chain agreement
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Seoulites celebrate coexistence at Wellness Seoul 2024
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Netflix, streaming platforms come under fire for loose ratings
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North Korean troops killed, wounded in Ukraine war: Seoul defense minister
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Korean language teaching expert says demand has outstripped supply
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20 minors registered as CEOs making over 100 million won
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[KH Explains] Samsung chief says he is still ‘hungry’ for foundry growth
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Conscripting women to lead to 'more babies,' claims military think tank
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K-pop CEOs sidestep key issues at National Assembly audit
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Who is pollster roiling politics with claims of government string-pulling?
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Coex renovation fails to clear skepticism
With plans for a Bitcoin ATM, global and domestic fast fashion brands, and trendy restaurants, the Coex underground shopping mall under renovation in affluent Samseong-dong, southern Seoul, is determined to win back young and finicky shoppers. Partially opened on March 1 with a grand opening to take place by the end of the year, the shopping mall has been the talk of the town for the past few months. But experts have also raised concerns about the prospects for tenants. The Korea International
March 7, 2014
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Aurora, pioneer in Korea’s character business
Choi Young-il has been around in the character scene for three decades. Even before he became the inaugural head of Walt Disney Studios Korea in 1992, he had already had 10 years of experience in toy and gift lines at local and foreign companies. “Back then, the character business was quite unfamiliar to Koreans,” said the chief executive of Aurora World in an interview with The Korea Herald. At Walt Disney Studios Korea, he mainly handled licensing for Disney’s music and publications, and he wa
March 7, 2014
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Hyundai hints at shift in focus to design
Hyundai Motor Group chairman Chung Mong-koo hinted during a site inspection trip to Europe this week that the auto giant would be shifting its focus from product quality to design.“We have been pouring all our resources into elevating driving performance. Now is the time for us to seek a new leap in car design,” he said. “Hyundai and Kia also have to nurture their own design identity, respectively.”Following his business trip to the group’s production facilities in Slovakia and the Czech Republi
March 6, 2014
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Samsung’s new lighter tablet hits home shelves
South Korean tech behemoth Samsung Electronics on Thursday launched its latest tablet PC at home that beefed up portability by further reducing its weight.The 8.4-inch Galaxy Tab Pro is powered by Google’s Android Kitkat 4.4 a 4,800 mAh battery, and is 7.2 mm thin. The device was first featured at the U.S. Consumer Electronics Show in Las Vegas in January. Weighing only 331 grams, the device is an improvement from the 8-inch Galaxy Note 8.0 tablet released last year, which weighed 340 grams. Sam
March 6, 2014
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Telecom ministry to curb carriers’ illegal subsidies
The country’s telecom minister vowed to take all-out measures against the deep-rooted business malpractice in the telecom sector to eradicate excessive and illegal smartphone subsidies by the nation’s telecom operators. “Telecommunication is one of the basic rights of the people. Accordingly, it is inevitable for the government to punish (the mobile carriers) if they do not stop paying out subsidies,” said Science, ICT and Future Planning Minister Choi Mun-kee after a meeting with the CEOs of th
March 6, 2014
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Samsung’s mid-sized displays retain top spot for 4th year
Samsung Display outperformed global rivals in small- and medium-sized panels to retain its top spot for the fourth consecutive year in 2013, data showed Thursday.The affiliate of Samsung Group is estimated to have sold $11.1 billion worth of 9-inch and smaller display panels around the globe, the data compiled by DisplaySearch showed.Samsung has been in the top spot since the fourth quarter of 2009 when it outpaced Japan’s Sharp Corp. for the first time. The Korean firm’s market share came to 26
March 6, 2014
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Chey quits as SK chairman
Chey Tae-won will no longer be the chairman of SK Group, the company announced on Thursday.The announcement came after the group released a statement earlier this week, saying Chey would step down from the boards at SK Holdings, the holding unit of the country’s third-largest conglomerate, and its subsidiaries and affiliates, including SK Innovation, SK C&C and SK Hynix.Chey was recently sentenced to four years in jail for embezzling funds from SK companies to pay for losses incurred from his in
March 6, 2014
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Pension service to oust Mando CEO after bailout of affiliate
South Korea’s National Pension Service said it will vote against the reappointment of Mando Corp. chief executive officer, saying he damaged shareholder interests when approving the bailout of an affiliate.NPS, the second-biggest shareholder in Mando, will vote against CEO Shin Sa-Hyeon reappointment tomorrow, the world’s third-largest pension fund said in an e-mailed statement. Shares of Mando, which makes auto parts, tumbled to a record low in April last year after it bought a stake in constru
March 6, 2014
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Labor costs worry GM Korea
GM Korea declared that the biggest challenge of the year would be the wage negotiation with its labor union after the Supreme Court in 2013 ruled against many businessmen’s willingness to minimize the basic wage system. However, the company will aggressively seek to balance competitiveness and sustainability in the market and keep the plants running, said Sergio Rocha, president and CEO of GM Korea, the South Korean unit of U.S. automotive giant General Motors.“The main concern is how to address
March 6, 2014
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AIMS Asia-Pacific partners meet in Seoul
AIMS International, a global executive search and talent management service partnership, began a two-day Asia-Pacific Partners meeting in Seoul Thursday. AIMS Korea hosted the annual event aimed at strengthening its strategic initiatives to better serve its clients, particularly in the region. Partner firm representatives from Australia, India, China, Japan, Singapore, Philippines, Korea and Sweden participated in the session. “Korea, based on its historically unprecedented growth during the pas
March 6, 2014
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SK chief to step down from chairman post
The convicted chief of the country's third-largest conglomerate SK Group will step down from his position as chairman, officials at the business group said Wednesday, removing him from all management affairs.Chey Tae-won, 53, was sentenced to a four-year prison term last week after being convicted of embezzling 46.5 billion won ($43.6 million) from two SK Group affiliates, including top mobile carrier SK Telecom Co., and funneling the funds into personal investments in stock futures and options
March 5, 2014
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Samsung in talks with BMW, Volkswagen to supply telematics
Samsung Electronics has been in low-key talks on providing its Drive Link in-car smartphone application to German automakers including BMW and Volkswagen, industry sources said Wednesday. “Samsung is negotiating with the two companies to supply its application to fit into their design concepts such as user interface,” a source familiar with the matter told The Korea Herald. The Korean tech giant is expected to unveil its Drive Link system on the Galaxy S5 this year. It would be an upgrade from t
March 5, 2014
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[Uniquely Korean] Cheap replacement driver services
South Koreans’ heavy alcohol consumption is well-known, and drinking is an almost integral part of doing business here. Company dinners often involve round after round of “boilermakers” ― hard liquor (soju or whisky) mixed with beer ― and this business boozing has fueled the demand for driver-for-hire services. The services, called “daeri unjeon” in Korean ― which literally means “replacement driver” ― started in the late 1990s targeting businessmen who wanted to get home in their own vehicles a
March 5, 2014
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Korea reconsiders carbon tax plans
The government has recently decided to reconsider its original plan to implement a carbon tax on motorists starting in 2015 in the face of strong backlash from local carmakers such as Hyundai Motor and Kia Motors.Trade, Industry and Energy Minister Yoon Sang-jick was quoted by a news provider as saying, “We are reviewing the carbon tax with the Environment Ministry, considering that it could hamper local carmakers.” Yoon clarified his position that it would be unfair if only import brand cars wi
March 5, 2014
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[Photo News] High-end engine
March 5, 2014
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KEPCO builds 1st power plant in Latin America
State-run power giant Korea Electric Power Co. said on Wednesday that it has completed the construction of a gas-fueled power plant in Chihuahua state, Mexico.It is the first power plant that the Korea consortium has built in Latin America, KEPCO said in a press release. Other members in the consortium included Samsung Construction & Trading, which was responsible for organizing the project. Building the 433-megawatt combined cycle power plant is part of the Norte II project that the KEPCO-led c
March 5, 2014
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FTC looking to regulate Apple, Google over app sales
South Korea’s antitrust watchdog said Wednesday that it is looking to put strict regulations on mobile application stores, including those of Google and Apple, due to the growing number of complaints about unfair sales practices. The Fair Trade Commission said it will ask Google’s Google Play and Apple’s iTunes App Store to review their guidelines to ensure they comply with certain consumer protection standards. Currently, consumers cannot receive a refund for an app purchased on the two app mar
March 5, 2014
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Big biz hiring to match or exceed last year’s level
Hiring of new employees by big businesses this year is expected to be on par with or exceed numbers reached in 2013, industry sources said Wednesday.The forecast comes as conglomerates open their hiring season for the first half that usually sets the tone for job market conditions throughout the year.Family-run conglomerates like Samsung, Hyundai Motor, SK and LG all plan to start their hiring process this month.The government predicted earlier in the year that Asia’s fourth-largest economy woul
March 5, 2014
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Hyundai challenges Camry, Passat with all-new Sonata sedan
Hyundai Motor on Tuesday allowed a sneak peak into one of the carmaker’s most crucial new models this year ― the all-new Sonata sedan. The event came ahead of the official launch planned on March 24, with the carmaker unveiling the preproduction model of the revamped flagship family sedan Sonata at its Namyang R&D Center in Gyeonggi Province. “A Korean car should be loved first by Korean customers. We returned to the very basics,” said executive vice president Hwang Jeong-ryeol, who led the Sona
March 4, 2014
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KHNP tightens safety for nuclear plants
State-run Korea Hydro and Nuclear Power Co., the sole operator of the nation’s 23 nuclear reactors, said Tuesday that it would invest 1.1 trillion won ($1 billion) by 2015 to beef up safety measures. The KHNP has made all-out efforts to ensure the safety of power plants across the nation ever since Japan’s Fukushima nuclear disaster in 2011.In the latest developments, the company said it would hold a workshop Wednesday to raise awareness of nuclear energy safety under the theme “Lessons from Fuk
March 4, 2014